Recurring Deposits

Recurring Deposit Account May Be Opened By Any Person, Individual, A Minor, Senior Citizen.

  • Deposit by way of fixed monthly instalment is made in the account during the fixed period.
  • Interest is compounded on quarterly basis and payment thereof is made on date of maturity.
  • Nomination facility available.
  • Premature payment available (certain terms & Condition apply)
  • Loan facility against the Deposit available.
  • KYC not required, if already having Saving Account with the Bank.

Rules & Regulations For Recurring Deposit Scheme

  • Depositor has to fulfil KYC norms as per RBI directives.
  • Guardian can open Minor’s Recurring A/c. When minor turns major, thereafter providing valid age proof, he/she can withdraw the amount with his/her own signature.
  • Every Depositor must have to deposit their instalments till 10th date of every month.
  • If Depositor fails to deposit more than 2 instalments and if he/she does not deposit the due amount within 10 days after notice, then Bank can close such account and pay the amount with the Bank with interest, where interest rate will be Savings Interest Rate.
  • If two or more instalments are paid late then the maturity date will be extended accordingly. The maturity amount is payable after 30 days of last instalments deposit date
  • If customers want to close the more than 6months period deposit account after 12 months then the period, for which the deposit account remained with the bank with regular deposit of instalments will be reckoned and the interest rate applicable for that period (the rate applicable on the date of account opening)(minus 1% penalty ) will be payable.
  • If Customer deposits more instalments than required for prescribed period, then Interest will not be applicable on extra instalment deposited.
  • Customers has to produce Passbook at the time of depositing instalment and obtaining payment.
  • If customer having Savings or Current a/c in the Bank then by the written application , Bank will transfer Recurring Deposit instalments from that account as standing instruction.
  • The Bank having all rights of appropriation, set off, lien and change the rules and regulations for the scheme.

Requirements To Open Recurring Deposit Account

Valid Photo I.D. & Address Proof

(A) Photo ID

  1. Passport,
  2. Aadhar Card,
  3. Driving Licence,
  4. PAN Card,
  5. Voter ID Card,
  6. Government Approved College/university I.Card,
  7. Government/Semi government/Department I.Card.

(B) Address Proof.

  1. Electricity Bill (Not more than 2 months old),
  2. Telephone Bill (Not more than 2 months old),
  3. Municipal Tax Bill,
  4. Aadhar Card,
  5. Driving Licence,
  6. Bank Statement,
  7. Bank or Credit Society’s passbook,
  8. Receipt of L.I.C. policy or Premium paid,
  9. Salary Slip with address,
  10. Other proof acceptable by Bank.
  • Passport Size Photographs – 3 copies
  • Pan Card or Declaration on Form 60/61.
  • Birth certificate for minor Account.